2024 Top 75 Tire Manufacturers and Suppliers: Leading the Industry in Quality and Innovation
The latest global rankings of tire manufacturers have been released for 2024, showcasing the industry’s leaders based on tire business revenue. This year, the rankings continue to reflect past trends, with the top 10 tire companies accounting for over 60% of the total sales among the top 75 tire manufacturers.
Overview of the Rankings
The annual list evaluates tire manufacturers solely on the revenue generated from tire sales, excluding third-party material sales and non-tire related revenues. This approach ensures a fair comparison among companies.
2024 Rank | 2023 Rank | Tire Company | 2023 Sales (Million) | 2022 Sales (Million) | Sales Change (%) | Rank Change |
1 | 1 | Michelin | 27,577.00 | 27,350.00 | 0.83% |
|
2 | 2 | Bridgestone | 25,453.60 | 25,980.00 | -2.03% |
|
3 | 3 | Goodyear | 17,262.00 | 17,892.30 | -3.52% |
|
4 | 4 | Continental | 12,500.00 | 12,420.00 | 0.64% |
|
5 | 6 | Pirelli | 7,189.00 | 6,956.50 | 3.34% | 1 |
6 | 5 | Sumitomo Rubber | 7,165.00 | 7,160.00 | 0.07% | -1 |
7 | 7 | Hankook Tire | 6,643.20 | 6,310.00 | 5.28% |
|
8 | 8 | Yokohama | 6,228.60 | 5,744.90 | 8.42% |
|
9 | 9 | Zhongce Rubber | 4,772.40 | 4,523.90 | 5.49% |
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10 | 12 | Sailun Group | 3,603.50 | 3,293.60 | 9.41% | 2 |
11 | 11 | Toyo Tire | 3,598.40 | 3,470.00 | 3.70% |
|
12 | 10 | Maxxis/ Cheng Shin Rubber | 3,334.90 | 3,676.90 | -9.30% | -2 |
13 | 16 | Kumho Tire | 3,096.20 | 2,758.80 | 12.23% | 3 |
14 | 13 | Apollo Tires | 3,090.00 | 3,136.90 | -1.50% | -1 |
15 | 14 | MRF | 2,995.00 | 2,876.10 | 4.13% | -1 |
16 | 15 | Giti Tire | 2,966.00 | 2,838.00 | 4.51% | -1 |
17 | 17 | Linglong Tire | 2,842.60 | 2,464.60 | 15.34% |
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18 | 18 | Nexen Tire | 2,192.10 | 2,134.50 | 2.70% |
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19 | 19 | JK Tyre | 1,822.20 | 1,871.40 | -2.63% |
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20 | 26 | PTG | 1,483.30 | 1,697.30 | -12.61% | 6 |
21 | 25 | Triangle Tire | 1,459.70 | 1,326.50 | 10.04% | 4 |
22 | 23 | Double Coin Tire | 1,431.80 | 1,396.30 | 2.54% | 1 |
23 | 22 | Ceat | 1,424.40 | 1,419.90 | 0.32% | -1 |
24 | 28 | Prinx Chengshan | 1,374.90 | 1,225.90 | 12.15% | 4 |
25 | 30 | Guizhou Tire | 1,345.00 | 1,073.10 | 25.34% | 5 |
26 | 31 | Sun-Tire | 1,250.00 | N.A. | N.A. | 5 |
27 | 20 | Nokian Tires | 1,142.00 | 1,765.00 | -35.30% | -7 |
28 | 24 | Kenda Tire | 1,104.00 | 1,379.20 | -19.95% | -4 |
29 | 33 | Qingdao Sentury | 1,103.90 | 910.8 | 21.20% |
|
30 | 27 | Balkrishna Industries | 1,025.10 | 1,134.70 | -9.66% | -3 |
31 | 21 | Titan International | 1,002.00 | 1,085.00 | -7.65% | -10 |
32 | 34 | Shandong Haohua | 974.8 | 908.6 | 7.29% | 2 |
33 | 45 | Shandong Jinyu | 953 | 605.6 | 57.36% | 12 |
34 | 37 | Shandong Huasheng | 875.8 | 736 | 18.99% | 3 |
35 | 35 | BRISA | 856.2 | 849.5 | 0.79% |
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36 | N.A. | Shandong Yongsheng | 855.8 | 829.3 | 3.20% | N.A. |
37 | 38 | Shandong Changfeng | 822.3 | 724.8 | 13.45% |
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38 | 41 | Shandong Wanda Boto | 809.5 | 680.4 | 18.97% | 3 |
39 | 36 | Sichuan Haida | 793.5 | 764.4 | 3.81% | -3 |
40 | 39 | Aeolus Tire | 792.6 | 689.4 | 14.97% | -1 |
41 | 44 | Zodo Tire | 790.8 | 655.2 | 20.70% | 3 |
42 | 43 | Wanli Tire | 768 | 674.5 | 13.86% |
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43 | 40 | O.J.S.C. Cordiar | N.A. | 750 | N.A. | -3 |
44 | 47 | Jiangsu General Science | 706 | 574.4 | 22.91% | 3 |
45 | N.A. | Tercelo Tire | 680.3 | 213.3 | 218.94% | N.A. |
46 | 32 | Qingdao Double Star | 657.7 | 958.5 | -31.38% | -14 |
47 | 42 | Carlstar Group | 615 | 680 | -9.56% | -5 |
48 | 53 | Zhongyi Rubber | 585.7 | 350 | 67.34% | 5 |
49 | 48 | Fangxing Rubber | 561 | 562.3 | -0.23% | -1 |
50 | 49 | Shandong Yongfeng Tire | 547.7 | 516.9 | 5.96% | -1 |
51 | 50 | Chaoyang Longma | 511.6 | 471 | 8.62% | -1 |
52 | 29 | Trelleborg | 500 | 1,175.00 | -57.45% | -23 |
53 | 51 | Xuzhou Armour Rubber | 380.8 | 427.7 | -10.97% | -2 |
54 | 52 | TVS Srichakra | 355.2 | 366.3 | -3.03% | -2 |
55 | 54 | Barez Tire | 355 | 340 | 4.41% | -1 |
56 | 60 | Tianjin Wanda | 340 | 239 | 42.26% |
|
57 | N.A. | Shandong Xinghongyuan | 314.3 | 213.3 | 47.35% | N.A. |
58 | 55 | Shandong Sanli Tire | 307.3 | 294.2 | 4.45% | -3 |
59 | 46 | Petlas Tyre | 300 | N.A. | N.A. | -13 |
60 | 57 | Shandong Mileqi | 281.9 | 288.3 | -2.22% | -3 |
61 | 58 | Shandong Bayi Rubber | 274.8 | 249 | 10.36% | -3 |
62 | 57 | Shandong Cocrea Tire | 274.8 | N.A. | N.A. | -4 |
63 | 64 | Yanchang Petroleum Rubber | 274.5 | 215.5 | 27.38% |
|
64 | 58 | Nankang Rubber | 251.5 | 249 | 1.00% | -6 |
65 | 66 | Shandong Fengyuan Tire | 228.1 | 186.6 | 22.24% |
|
66 | 61 | Southern Rubber | 223.5 | 227.4 | -1.72% | -5 |
67 | 63 | FATE | N.A. | 200 | N.A. | -4 |
68 | 68 | ÖZKA Lastik ve | 191.2 | 170 | 12.47% |
|
69 | 65 | DaNang Rubber | 188.7 | 209.4 | -9.89% | -4 |
70 | N.A. | Mahansaria Tire | 163 | 122 | 33.61% | N.A. |
71 | 69 | Nizhnekamskshina | N.A. | 153.3 | N.A. | -2 |
72 | 72 | Specialty Tires | N.A. | 150 | N.A. |
|
73 | 67 | Hwa Fong Rubber | 149.7 | 181.8 | -17.66% | -6 |
74 | 73 | Service Industrie | 141.1 | 138.6 | 1.80% | -1 |
75 | 75 | Ralson Tyres | 134.4 | 141.4 | -4.95% | 0 |
Key Highlights:
- Leading tire manufacturers: Michelin, Bridgestone, Goodyear, and Continental remain the top four tire manufacturers globally. Pirelli has climbed to the fifth position, marking significant growth in the industry.
- Growth in Numbers: This year, 23 manufacturers improved their rankings, with 17 of those based in China. Notably, four new companies have joined the list, three of which are Chinese.
Revenue Insights
In 2023, Michelin generated $27.5 billion, leading the pack by about $2 billion over Bridgestone, whose revenue was approximately $25.5 billion. Goodyear ranked third with $17.3 billion, despite a reported decline of $600 million in sales.Forlander tire sales increased significantly
Tire manufacturers Sales Growth
The overall sales among the top 75 manufacturers saw an increase compared to 2022, largely due to the recovery of the global economy post-pandemic. Many Chinese tire manufacturers reported double-digit growth, with notable increases from Shandong Jinyu Tire and Tercelo Tire.
Market Dynamics
The top 5 tire manufacturers continue to dominate the market, collectively holding nearly 50% of the global tire market share. Meanwhile, companies ranked 6-10 account for about 10%, leaving the remaining 40% to other manufacturers.
Chinese tire manufacturers on the Rise
Almost half of the top 75 manufacturers are based in China, with several achieving remarkable sales growth. For instance, Sailun Group entered the top ten for the first time, reflecting a steady revenue increase since becoming the 17th largest manufacturer in 2020.
New Entrants and Market Changes
This year saw the inclusion of three new Chinese tire manufacturers: Shandong Yongsheng Rubber Group, Tercelo Tire Group, and Shandong Xinghongyuan Tire. Additionally, India’s Mahansaria Tyres Pvt. made its debut in the rankings.
Challenges and Future Outlook
Despite the positive growth outlook, the tire industry faces challenges such as rising raw material costs and shipping expenses. Most tire manufacturers anticipate continued growth in 2024, although the environment remains competitive.
Conclusion
The tire industry is characterized by its strong competition and evolving market dynamics. The top manufacturers are not only leaders in revenue but also shape the global tire market through innovation and strategic expansion. As the market continues to grow, these companies are committed to enhancing their offerings and maintaining their positions.
Choosing a tire manufacturers or supplier from this top 75 list can significantly impact your business’s success. With their commitment to quality, innovation, and customer service, these industry leaders are well-equipped to meet the evolving needs of the tire market.
